Description:This rare Spanish silver coin was minted in Madrid, Spain during the reign of King Philip V. The obverse side features a cross with castles and lions in the quarters. The reverse side shows the Philip V royal coat of arms with the Madrid "M" and assayer “Y” mintmarks. Philip was the first King of Spain from the House of Bourbon and ruled from 1700 until his death in 1746. This was a prosperous time for the Spanish Empire as trade grew steadily within its global empire with territories in Europe, the Americas, Asia and Oceana.
With the discovery of untold riches that were mined in the Americas throughout the 16th to 18th centuries, the Spanish and their mighty galleon fleets were the premier supplier of gold and silver coins for the world. This vastly increased the shipping trade and made many merchants wealthy, both in Spain and in the Colonies. However, during this adventurous age, it was inevitable that large amounts of Spanish treasure would be lost on land and at sea due to pirates, storms and other unforeseen misfortunes.
This coin was circulating during the heyday of piracy, with the likes of Blackbeard, Stede Bonnet and "Black Sam" Bellamy raiding ships and settlements in search of treasure. Spanish coins from this epic era were known as "cobs", hand struck from dies and cut to weight. Minted in five denominations in silver, the largest was the 8 reales or “piece of eight.” Cob coinage with their unusual shapes are all unique and each is a one-of-a-kind piece of history.